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Governor Bill Richardson Calls Attention to New, Independent Report Showing Tremendous Financial Benefits of Film Industry

Press Release

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Date:
Location: Santa Fe, NM

Governor Bill Richardson today called attention to a new report by the prestigious
Milken Institute that clearly shows the positive financial impact to states and countries that offer responsible and sustainable film industry programs. The study was done for the State of California and reveals the devastating fiscal impact caused by the migration of film and television production out of the state.

"This study illustrates the value of our film initiatives from the point of view of a state that has lost significant numbers of jobs and revenue because of intense competition from places like New Mexico," said Governor Richardson. "It clearly shows that we are a global film force to be reckoned with, and what we stand to lose if we don't continue our efforts to build and support the industry here."

The Milken report looks at the numbers of jobs and amount of revenue that California could have saved had it implemented many of the initiatives adopted by states such as New Mexico. The report determines that for every job created in the film sector an additional 2.5 jobs are created in other sectors. It estimates that California lost more than 36,000 jobs and more than $4 billion in revenue since 1997 because of film business that left California.

The report recommends that California (which recently began a new film production tax credit of its own) take a number of steps to encourage production in the state, many of which track what is being done in New Mexico.

"The Milken report recognizes the value of not just financial incentives but many of the other key aspects of our program, including strong training program in colleges and universities, emphasizing new, "portable' digital technologies, and collaborating with local communities to create a truly focused, film-savvy environment," added Eric Witt, the Governor's top adviser on Film and Media Industries.

The entire Milken report can be found at http://bit.ly/cMTQ0O

Since Governor Richardson took office in 2003 more than 141 major film and television
productions have been made in New Mexico, with an estimated economic impact of more than $3-billion. There are 10,000 direct and indirect film-related jobs in the state, and more than 250 businesses and services directly related to the industry.

www.nmfilm.com


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